Yes. Every second Friday in the month of may there is Exchange Gift Day, where you exchange gifts with people in your family. :)

The purpose of gift exchange is to show someone that you care about them. A small but personal gift is often enough to show someone that they are loved.

I promise to not exchange your gift.

No, a gift is not a contract because nothing of value was given in exchange.

It is not customary to bring a gift to a bachelorette party but you can do something gift exchange-y. If there is going to be a gift exchange the host will usually tell you.